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The Too-Much-Precision Effect.

David D Loschelder1, Malte Friese2, Michael Schaerer3

  • 11 Faculty of Business and Economics, Leuphana University Lüneburg.

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|October 30, 2016
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Summary
This summary is machine-generated.

High price precision anchors amateurs but backfires for experts, who perceive it as incompetence. Providing rationales mitigates this effect, refining anchoring theory.

Keywords:
anchoringexperts versus amateursfirst offersjudgmentnegotiationopen dataopen materialsprecision

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Area of Science:

  • Behavioral Economics
  • Negotiation Theory
  • Psychology

Background:

  • Established principle: higher price precision increases anchoring effect.
  • Limited research on precision's impact on expert negotiators.

Purpose of the Study:

  • Challenge the linear precision-anchoring principle.
  • Investigate the 'too-much-precision' effect in negotiations.
  • Examine differential effects on experts versus amateurs.

Main Methods:

  • Conducted five experiments with 1,320 participants (experts and amateurs).
  • Negotiated across diverse domains: real estate, jewelry, cars, and human resources.
  • Utilized statistical mediation and experimental moderation to analyze competence attributions.

Main Results:

  • Amateurs showed linear positive effects of precision on anchoring.
  • Experts exhibited an inverted-U-shaped effect; excessive precision backfired.
  • Experts perceived high precision as a lack of competence, reducing anchoring effectiveness.
  • Rationale provision neutralized the negative effect for experts by boosting perceived competence.

Conclusions:

  • Demonstrates a 'too-much-precision' effect in expert negotiations.
  • Highlights the critical role of perceived competence in anchoring.
  • Qualifies universal assumptions about anchor precision and its impact across different negotiator types.